Treasury bonds, also known as national public bonds, are creditor-debt relationships formed by the country raising funds by issuing bonds to society based on its credit and in accordance with the general principles of bonds.

Treasury bonds are a type of government bond issued by the central government to raise fiscal funds. It is a credit and debt certificate issued by the central government to investors and promises to pay interest within a certain period of time and repay the principal upon maturity. The issuer of treasury bonds is the state, so it has the highest credibility and is recognized as the safest investment tool.

China’s foreign debt refers to the use of foreign currency by agencies, groups, enterprises, institutions, financial institutions or other institutions within China to international financial organizations, foreign governments, financial institutions, enterprises or other institutions outside China. All debts with contractual repayment obligations.

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Lending and swapping treasury bonds are issued to repay maturing treasury bonds. During the peak period of debt repayment, in order to solve the problem of the source of funds for debt repayment, the state issues borrowing and swapping treasury bonds. National debt is used to repay old debt that has matured, which can reduce and spread the country's debt repayment burden.

The occurrence, change and elimination of the legal relationship of national debt mostly reflects the unilateral will of the state. Although compared with other financial legal relationships, the legal relationship of national debt is an equal legal relationship, but it is different from the general creditor's rights and debts. Compared with the relationship, it reflects a certain degree of subordination, which is more obvious in the legal relationship of the country's internal debt.